2014
Total Cryptocurrencies
16,042
Markets
104,927,733,786
Total Market Cap
11,225,760,444
Volume 24H
54.7 %
Bitcoin Dominance

NEM
XEM

0.06500
USD
2.26
% 1h
6.12
% 24h
6.74
% 7d
Ranking
15
Market Cap
593,754,763
Volume 24h
8,069,261
Available Supply
8,999,999,999
Max Supply
8,999,999,999
Algorithm
-
Proof Type
PoI
Rather than PoW or PoS, nem uses Proof of Importance. Higher importance score gives a higher chance to harvest a block. You need 10k XEM vested (explained below) to get a POI score, otherwise PoI score is 0. The amount required to be vested can be changed in future if necessary. Algorithms make it so scores cannot be manipulated or gamed. It's more useful than just harvesting – a form of reputation. Can be used for voting and preventing spam. Harvesting Harvesting in nem is the process of generating blocks and earning the transaction fees in that block as a reward for the contributed work. The PoI (Proof-of-Importance) algorithm determines who is allowed to generate a block (or more precisely: which generated block is considered as valid). Account connects to super node to harvest. When a new block is created, harvesting account gets the fees. In order to be eligible for harvesting, the 10,000 XEM in your account must be vested. “Vested” means that the XEM have remained in your account for a certain number of days. (Usually a couple of weeks, depending on the amount.) 10% of unvested balance gets moved to vested balance per day adding to your vested balance. A one-time fee of .15 XEM is required to start harvesting. Harvesting block difficulty is kept within certain limits and fluctuates with a cap of 5%. See page 17 of Technical Reference (white paper) for more detail. A separate account is created for delegated harvesting that connects to main account. Private key of main account is not exposed as the key of the proxy/created account is used to harvest. That proxy account harvests with 0 XEM (so no funds can be stolen), but uses the PoI of main account. Fees collected get sent straight to main account. You can turn of PC with delegated harvesting. No hardware is required to harvest. Security “Sybil Attacks” were taken into consideration, PoI is Sybil resistant with below* Uses NCDawareRank (Similar to PageRank). If you were to send portions of your balance to other accounts and send all of that XEM back to main account, the PoI score adjusts for this. Whales and spammers would gain very little PoI for this and it actually decreases after a certain point in simulations. Other steps taken include; vested Balances with 10k XEM, taking days/weeks to be fully vested so one can’t immediately attack system, you can only be so many accounts that can then attack the system. Sending XEM between two accounts adds PoI score at a decaying rate. PoI decays over time. Sending XEM only gives temporary boost. Largest component of PoI is amount vested. Advantage of gaming or spamming to get more PoI is minimal. PoI gaming will not result in a significant qualitative advantage over actors with the same balance who do nothing. (Tech Ref pg 37). PoI gives accounts with smaller PoI and vested balances more salience in the network than small time users in a PoS network. It also gives less salience overall to richer accounts than PoS. There is a theoretical maximum PoI score so whales cannot dominate. P2P Reputation Management, modified version of EigenTrust ++ Uses modified because original EigenTrust++ was written with file sharing networks in mind where incomplete data is shared. nem network downloads entities in its entirety and needed to be refined. nem uses elliptic curve cryptography to ensure confidentiality, authenticity and non-reputability of all transactions. It uses the Twisted Edwards curve, which is considered one of the safest and fastest digital signature algorithms. Protecting against spamming (Technical Reference pg 14) Consider the unconfirmed transaction cache as having 1000 slots for a node. As long as less than 120 slots are filled, no transaction is rejected. Otherwise if there are already 120+ slots filled and transaction signer A arrives, that transaction is put into an equation to decide if they have a fair number of slots already taken up. If A occupies less slots than its fair share, the new unconfirmed transaction is accepted. Note: You can increase the chance that your new transaction is accepted by voluntarily increasing the transaction fee. Network Nodes synchronize time to keep time stamps for transactions and blocks consistent. It's comprised of NIS super nodes and nodes. Each one associated with a primary account, used for authenticating responses by that node. This prevents attackers impersonating a node without a private key. Having an account with a private key is how you can run a node Super Nodes Super nodes first tier of network. Super nodes do heavy lifting of creating blocks and confirming transactions. An account needs 3,000,030 XEM to start a super node. 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